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Candle Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global candle products market was valued at USD 19.4 billion in 2021 and is projected to expand at a CAGR of 5.5% from 2022 to 2030. Candles are used in various events, including religious ceremonies, birthday parties, receptions, and romantic dinners. They are also used in aromatherapy and relaxation due to their pleasant aroma. Candles have become an important part of everyday life, and their demand is increasing due to their aesthetic appeal. As a result, key market participants have started to manufacture those products with various shapes, sizes, colors, and fragrances. For instance, in November 2020, Bath & Body Works, a leading candle maker, introduced a collection of scented candles based on their signature fragrances, such as Mediterranean Sea Salt, Rosewater, and Pink Peony.
The market is driven by the growing demand for scented candles with natural fragrances such as spices, herbs, fruits, and flowers. Additionally, the increasing adoption of these products as a décor item has been driving the demand for attractive and colorful candles. Furthermore, the adoption of these products in spa and wellness centers is propelling the demand for candles with fragrant and therapeutic properties. For instance, in October 2020, The Body Shop launched a range of scented candles made with 100% vegan wax and infused with essential oils.
Moreover, the increasing demand for aromatherapy candles is further driving the growth of the market. Aromatherapy candles are made with essential oils, which are known to have therapeutic and calming properties. Furthermore, the rising number of online stores is contributing to the growing demand for candle products. Online stores offer a wide range of products at attractive discounts, thus increasing the penetration of candle products. For instance, in May 2021, Yankee Candle announced the launch of its new online store, which offers a wide range of candles, gift sets, and home décor items.
Apart from that, the increasing demand for sustainable and eco-friendly candle products is expected to support the growth of the market. For instance, in February 2021, Paddywax launched its new line of soy-based and hand-poured candles. The company is using natural soy wax and essential oils in its products to reduce carbon emissions and to provide a clean burning experience. Furthermore, vendors are using recyclable, biodegradable, and compostable packaging to reduce their environmental footprint.
Product Insights
The decorative segment accounted for the largest market share in 2020, as consumers are increasingly using decorative candles for home décor purposes. Decorative candles are gaining traction, as they are used to add a touch of sophistication and elegance to any room in the house. The growing demand for aromatherapy candles is also contributing to the growth of the decorative candle segment. According to an article published by The Huffington Post, in June 2020, aromatherapy candles are becoming increasingly popular, as they are used to create a relaxing and calming atmosphere. Furthermore, increasing demand for scented candles is also fuelling the growth of the decorative candles segment.
The specialty segment is expected to witness the fastest growth rate during the forecast period. Specialty candles are gaining traction as they are used for various purposes such as weddings, birthdays, anniversaries, and religious ceremonies. Increasing demand for unique and personalized candles is one of the key factors driving the growth of the specialty candle segment. According to an article published by The Knot, in February 2020, personalized candles are gaining popularity as they are used to make special occasions even more memorable.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the major share of over 43.5% in 2022. The presence of supermarkets and hypermarkets in retail has been increasing the availability of candles, which has further led to an increase in the demand for candles. Moreover, the supermarkets and hypermarkets provide a wide range of candles from different brands, which helps customers to make better decisions regarding the product. In addition, supermarkets and hypermarkets also have promotional activities like discounts and offers, which further increases the sales of candles.
The online segment is expected to expand at a significant CAGR of 11.3% during the forecast period. The growth of the online segment is mainly attributed to the increasing number of online retailers and e-commerce websites that are offering a wide range of candles. Moreover, due to technological advancements, several manufacturers and retailers are launching their own websites and applications, which is creating more opportunities for the sales of candles. In addition, the online segment is offering convenience to purchase candles at the comfort of one’s own home and has also enabled customers to compare prices and quality of the product before purchasing it.
Type Insights
The scented segment is anticipated to be the largest segment and account for a revenue share of over 60% in the year 2022. The growing demand for scented candles as a luxurious home décor product is expected to drive the market in the forecasted period. Consumer preference for scented candles is increasing due to their ability to provide a pleasant atmosphere. Furthermore, the growing demand for aromatherapy products is also expected to propel the market in the forecasted period.
The unscented segment is expected to expand at the highest CAGR of 9.3% during the forecast period. The unscented candle segment is expanding due to the growing preference for non-toxic products, as they do not contain any artificial fragrances. Furthermore, the increasing demand for candles used in religious ceremonies is also expected to boost the growth of the segment.
Regional Insights
Europe was the leading region in the global candle products market in 2021. An increase in the demand for decorative and scented candles has been the key factor contributing to the growth of the region. Germany, France, and the UK are among the leading markets in the region. The growth is also driven by an increase in the number of luxury brands offering designer candles. For instance, in April 2021, the luxury French fragrance and lifestyle brand Diptyque launched a collection of candles in unique and creative limited-edition designs.
Asia Pacific is expected to witness the fastest growth in the coming years. This growth is driven by an increase in the demand for candles from countries such as China, India, and Japan. An increase in the number of candle-making workshops and stores in the region is further driving the market growth. For instance, in April 2021, the candle-making workshop Inkoin opened in Tokyo, Japan.
Financial Projections
In this part of the candle products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your candle business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenues for a candle products business come from the sale of candles, candle accessories, and other related products. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the candle products business running will be described. The list of operating expenses includes raw materials, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the candle products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Yankee Candle launched the Summer Breeze Collection, a line of scented candles in a variety of scents.
– In August 2022, Bath & Body Works launched the White Barn Collection, a line of scented candles designed for relaxation and stress relief.
– In October 2022, ScentSationals launched a line of soy-based candles with a variety of fragrances.
Some of the prominent players in the candle products market include:
– Yankee Candle
– Bath & Body Works
– ScentSationals
– Colonial Candle
– Kringle Candle
– P.F. Candle Co.
– Chesapeake Bay Candle
– Goose Creek Candle
– Illume Candles
– WoodWick Candles
Global Candle Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global candle products market based on product type, distribution channel, type, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Jar Candles
– Pillar Candles
– Votive Candles
– Tealight Candles
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What is the scope of the global candle products market?
[A]: The scope of the global candle products market is expected to grow at a CAGR of 3.8% over the forecast period, reaching a market value of USD 10.9 billion by 2027. The market is driven by the growing demand for relaxation and wellness, as well as the expanding home décor and gifting markets.
[Q]: What are the key trends in the candle products market?
[A]: The key trends in the candle products market include the increasing demand for natural and organic candles, the introduction of innovative candle designs and scents, the increasing use of candles for aromatherapy and wellness, and the increasing popularity of handcrafted candles.
[Q]: Who are the leading players in the candle products market?
[A]: The leading players in the candle products market include Yankee Candle, Candlelite, Village Candle, WoodWick, Chesapeake Bay Candle, and Colonial Candle.
[Q]: What are the key regional markets for candle products?
[A]: The key regional markets for candle products are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to remain the largest regional market, followed by Europe and Asia Pacific.
[Q]: What factors are expected to drive the candle products market?
[A]: The key factors driving the candle products market include the increasing demand for home décor and gifting products, the increasing awareness of the health benefits of aromatherapy and relaxation, and the introduction of innovative designs and scents.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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